At the time of writing, the Zip share price is up 4.11% to $9.11.
Zip Pay is Australia's second-largest buy now, pay later (BNPL) fintech company. It's a financial technology company that operates across Australia and New Zealand, offering point-of-sale credit and digital payment services to consumers and merchants.
Zip first listed on the ASX in 2009 and is headquartered in Sydney. Currently, the company has around 10,000 retail partners and 1,200,000 customers in Australia.
What does the Zip, Adobe partnership mean?
Zip is now set to become the buy now, pay later provider of choice for Adobe's e-commerce software, Magento.
Magento is a digital commerce platform that blends digital commerce, order management, and predictive intelligence. This enables online shopping across a wide array of industries and business models (B2C, B2B, and hybrid).
Adobe offers an enterprise-level, cloud-hosted application, Magento Commerce, as well as a free e-commerce solution, Magento Open Source.
Zip's Accelerate partner agreement with Adobe will be mutually beneficial for Zip. Furthermore, allowing Zip to benefit from a range of technological and programmatic support from the US tech giants.
Zip says the agreement will mean its BNPL services are marketed to thousands of new retail customers across the world.
What both companies' management said
Zip CEO Peter Gray said the Adobe partnership was a milestone in global expansion for the Australian company:
Adobe is a global leader in digital commerce and this collaboration will help us reach thousands of merchants and their customers with our better way to pay. With partners like Adobe, we are well on our way to making Zip the first payment choice, everywhere and every day.
Adobe vice president, Jason Woosley, said BNPL services were a value addition for Magento.
While brands are looking for ways to engage customers with new, exceptional experiences, the realities of COVID-19 have catapulted digital commerce technologies to the forefront of the market
Consumers love installment payment solutions because they're fast, fair and interest-free. Zip enables Magento merchants globally to implement these capabilities effortlessly at checkout, improving cash flow, increasing order value, and keeping customers coming back again and again.
Zip share price snapshot
The Zip share price is down more than 5% this week. However, it has gained nearly 10% this month and is up over 350% over the past 12 months.